The Securities and Exchange Commission (SEC) has officially terminated its lawsuit against Gemini, the cryptocurrency exchange established by twins Cameron and Tyler Winklevoss. This decision comes in light of a mutual request filed on Friday by both the SEC and Gemini, seeking the court’s dismissal of the case, which primarily focused on the fallout from an investment product named Gemini Earn.
Gemini Earn had faced significant challenges, leaving some investors unable to access their funds for an extended period of 18 months. The scrutiny surrounding the platform heightened when New York Attorney General Letitia James filed a lawsuit against Gemini in 2023, alleging that the exchange had defrauded investors. However, the recent filing suggests a turning point, referring to a settlement reached in 2024 between New York authorities and Gemini, which ensures investors will recover all their crypto assets loaned through the Gemini Earn program.
The unfolding situation appears to reflect a broader trend of regulatory leniency towards the cryptocurrency sector during the Trump administration. Reports indicate that over 60 percent of pending crypto lawsuits were either dismissed, paused, or had their penalties reduced after Trump assumed office.
In a further development, Gemini has also initiated steps to go public, indicating its intentions to expand and strengthen its position within the evolving crypto landscape. This move follows significant transitions within the industry and reflects the growing interest in cryptocurrency businesses by mainstream investors.
